Sergeant Machinson bit his lip, but made no reply. He knew in his heart Jim Dennis's story to be true, yet this only aggravated him the more. Such is the nature of some men, but Jim Dennis was not of them. When they arrived at Cudgegong station they were received, after a brief delay, by Rodney Shaw.

'I am glad to see you back, Mr Shaw,' said Jim, holding out his hand, and looking him straight in the face.

Rodney Shaw took his hand in a half-hearted way and said hesitatingly,—

'I have been away such a long time I have almost forgotten all my old friends, but you are none the less welcome for all that.'

'How he has altered,' thought Jim. 'I should not have recognised him had he been anywhere but at Cudgegong.'

'So you returned with Dennis?' said Shaw to the sergeant.

'Yes. I fancy he has your horse,' said Sergeant Machinson.

'Let me tell you the story,' said Jim, 'or it may be misrepresented.'

He then gave Rodney Shaw an account of what had happened.

'It is very strange,' was his comment. 'I wonder how the horse got into your paddocks. My man says it was stolen.'